Insurance Covers Most of the Documented Loss
Over the course of 13 years, the former bookkeeper for a Buffalo, NY area chemical company used company credit cards to make personal purchases and pad her paychecks. She admitted that she felt she was underpaid and was only “correcting” her pay package. Although she pleaded guilty to embezzling almost $500K, authorities and company officials feel the total is much higher but could not prove it due to missing records and inability to verify that many credit card charges were fraudulent.
The one bit of good news for the company was the fact that they had a crime policy. The policy covered most of the documented loss and the perpetrator sold her house to cover the rest.
She has been sentenced to up to 5 years in prison.
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